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14 Sep 2005

Swire Properties welcomes Wachovia Bank to Island East

Swire Properties today announced that Wachovia Bank has committed to leasing a total of 71,000 sq ft office space in Cityplaza Four in Island East. Along with this transaction, the finance sector has committed to 200,000 sq ft of new space in the Island East portfolio since the beginning of 2005, bringing the total floor area occupied by this sector to 860,000 sq ft.

Swire Properties' Senior Portfolio Manager Elizabeth Kok said, 'We are delighted that Wachovia has chosen Cityplaza Four to be its new office location. Moving from the Central district by the end of this year, Wachovia is taking up the whole 3/F, 7/F and 8/F of this grade-A office building to meet its expansion requirement.'

W. Nathaniel Watson, Senior Vice President, Head of Asia Pacific Operations of Wachovia Bank, National Association said, 'We are pleased to have found a good fit for our bank's operational requirements at Island East. We look forward to continuing our rapid growth at our new location.'

Kok added, 'Current occupancy level in Island East is 92% and rentals are now in the twenties. We believe that Island East, which is supported by many of Hong Kong's leading corporations, is actively meeting the property market's long term business needs and our tenants' expansion requirements.'

Island East is one of the territory's best planned and integrated business districts, consisting of office and retail space stretching from TaiKoo Place in the west, to the Cityplaza retail and office complex in the east. All of the Island East area is managed by Swire Properties.